LRBb3234/1
MES&KSH:jg:ksh
1997 - 1998 LEGISLATURE
ASSEMBLY AMENDMENT 48,
TO ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 1997 ASSEMBLY BILL 768
May 6, 1998 - Offered by Representatives Jensen, Gard, Foti and Ourada.
AB768-ASA1-AA48,1,6
5"
Section 285b. 71.07 (9) (b) of the statutes is renumbered 71.07 (9) (b) 1. and
6is amended to read:
AB768-ASA1-AA48,1,117
71.07
(9) (b) 1. Subject to the limitations under this subsection
and except as
8provided in subd. 2., a claimant may claim as a credit against, but not to exceed the
9amount of, taxes under s. 71.02, 10% of the first $2,000 of property taxes or rent
10constituting property taxes, or 10% of the first $1,000 of property taxes or rent
11constituting property taxes of a married person filing separately.
AB768-ASA1-AA48,2,6
171.07
(9) (b) 2. Beginning on the date that the joint committee on finance takes
2action under 1997 Wisconsin Act .... (this act), section 9256 (2c) (c), subject to the
3limitations under this subsection, a claimant may claim as a credit against, but not
4to exceed the amount of, taxes under s. 71.02, the amounts specified in the proposal,
5as adopted or modified by the joint committee on finance, under 1997 Wisconsin Act
6.... (this act), section 9256 (2c) (c).".
AB768-ASA1-AA48,2,8
8"
(2c) Use of surplus for changes to the school property tax credit.
AB768-ASA1-AA48,2,12
9(a) No later than September 4, 1998, the legislative fiscal bureau shall prepare
10an estimate of the net balance of the general fund as of June 30, 1999. The legislative
11fiscal bureau shall certify the amount by which that estimate exceeds $20,000,000
12to the joint committee on finance and the secretary of revenue.
AB768-ASA1-AA48,2,19
13(b) Not later than September 15, 1998, the secretary of revenue shall submit
14to the joint committee on finance a proposal to use the amount certified under
15paragraph (a) to expand the school property tax credit under section 71.07 (9) of the
16statutes by increasing the percentages or dollar amounts or both in section 71.07 (9)
17(b) of the statutes. The proposal shall specify that the expansion of the credit as
18described in this paragraph shall first apply to taxable years beginning on January
191, 1998.
AB768-ASA1-AA48,3,220
(c) The joint committee on finance shall either approve or modify the proposal
21described in paragraph (b) at its 3rd quarterly meeting in 1998. The secretary of
22revenue shall publish the proposal, as approved or modified by the joint committee
23on finance under this paragraph in the administrative register. The department of
1revenue shall modify its individual income tax forms and instructions to incorporate
2the changes to the school property tax credit that are made under this paragraph.".